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Weingarten in TIAA-CREF Venture

They'll acquire retail centers.

Real estate investment trust

Weingarten Realty Investors

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TIAA-CREF Global Real Estate

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announced Wednesday a joint venture to acquire seven neighborhood/community anchored retail centers.

The centers total 1,259,000 square feet and are located in the metropolitan markets of South Florida, Orlando, and Tampa/St. Petersburg.

TIAA-CREF would hold 80% stake in the venture. Weingarten would have 20% stake and would also manage and lease the properties, the Houston-based company said.

"We are very proud to have TIAA-CREF as a strategic partner. In this joint venture we are teaming up with one of the country's premier institutional real estate investors while diversifying Weingarten's available capital resources," Weingarten said.

This story was created through a joint venture between and IRIS.